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Pay Me!

In the article, Pay Me!, the author Randy B. Hecht discusses ways to increase the
efficiency of collections. The ultimate goal is to get the customer to prioritize your company’s bill (Hecht, 2009). In today’s post-recession era, maintaining cash flow is imperative. It is completely normal to have desperation in your voice during collection calls (Hecht, 2009). However, the author suggests not letting emotions trump the
need to be paid (Hecht, 2009). Having had experience with collection calls, I have found kind assertiveness yields the best results in getting invoices paid. If the customer refuses
to pay the debt, then they are not a good customer it would be financially advantageous to cut ties (Hecht, 2009). Nevertheless, the delay in payment may be due to an inefficient billing system or not sending out invoices in a timely manner (Hecht, 2009).

Fixing Cash Flow Problems

In the article, Mystery Solved: How to Fix Cash-Flow Problems, the author Norm Brodsky discusses the need to understand and practice the ba
sic business knowledge that helps to pinpoint cash flow issues (Brodsky, 2009). He suggests the basics are; accounts receivables, surplus inventory, bad debt, overhead and gross margins (Brodsky, 2009). The author recommends analyzing each customer’s account
to ensure there is room for profit. If a customer is costing money, rather than making the business money, then there needs
to be a renegotiation of price. If the customer fights the renegotiation, it would be better to drop the customer than to go out of business in the near future. If a customer does not make the business money, it just does not make business sense.

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How Your Business Can Get Bigger by Acting Smaller

In the article, The Bigness of Smallness: How Businesses Can Get Bigger by Acting Smaller, the author John Moore lists five rules for a company to get bigger by acting smaller (Moore, 2007). Moore’s rules are: be the best, not the biggest, love your business, passion attracts passion, treat your employees as family, and redefine success (Moore, 2007). With being the best, not the biggest, the author suggests the foundation of the business needs to be nearly perfect before any substantial growth can occur (Moore, 2007). Moore’s second, third, and fourth rules are direct reflections of the business owner’s personality. If the owner loves the business, displays passion and treats employees as family, the business entity will reflect those morals (Moore, 2007). Due to the Pygmalion Effect, followers will want to emulate the charismatic leader, creating a friendly atmosphere that appeals to customers.

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